For that matter "untargeted" in this case just means "not targeted using unrelated viewer data." There's a significant amount of targeting that can take place by targeting based on the content and site. If anything, I would argue that the obsessive ad-network, viewer-based targeting online often has tremendous targeting failures as compared to traditional content-based targeting.
I started distinctly noticing this over the last year or two in thinking about how much more relevant I found advertisements in print magazines and journals as online. In literary journals, I'll find advertisements from publishers about their new releases in related topics. In scientific journals, I'll find conferences, new lab equipment and products for related fields, and so on. In design journals, I'll find advertisements for furniture, fabric, and so on. I get one local art magazine mostly for the advertisements, which are primarily new exhibition announcements. I actually somewhat enjoy seeing these sorts of advertisements: they're clearly marked as ads, but they're also actually useful. If, say, New England Biosciences puts out a kit with new features, their advertising in Science can let me know about an option I might otherwise not have heard about, for example.
Yet even before I started very strongly blocking as many ads and tracking online as possible, the targeting was horrible by comparison. There were the saturation-advertising systems, which would come up with wonderful decisions like "this person just bought a new mattress; that must mean they buy mattresses often, so let's show those advertisements" or "this word was used somewhere in the website, let's show stuff tangentially related to that word," or "everyone is interested in ONE WEIRD TRICK." Most of the time, these advertisements had nothing to do with me, or what I was reading, and they were obnoxious and unhelpful. How this became the norm online, just because on some rare occasions, the algorithms might work well, as opposed to the very well-targeted advertisements in print publications, is quite confusing.